• Financial planning is crucial for farmers to ensure the farm’s viability and the family’s financial security amidst challenges like weather unpredictability, market fluctuations, and rising costs.
• It involves setting financial goals, assessing the current financial situation, and developing a personalized plan to achieve those goals.
• A well-structured financial plan can help manage cash flow, establish an emergency fund, build wealth through regular savings, and make informed borrowing decisions.
• Protecting income through illness or accident cover, life cover, and business protection is essential to keep the farm running smoothly.
• Succession planning is vital to avoid family disputes, unplanned tax bills, and delays in farm transfer. It ensures a smooth transition and continuity of the farm’s legacy.

To read the full article and learn more about the importance of financial planning for farmers, visit the Irish Examiner website.

FDC Financial Services Ltd is regulated by the Central Bank of Ireland.